Swiss Re swings to Q1 web revenue, higher than anticipated By Reuters

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© Reuters. The brand of insurance coverage firm Swiss Re is seen in entrance of its headquarters in Zurich

FRANKFURT (Reuters) – Swiss Re (OTC:) swung to a web revenue within the first three months of the yr in figures that had been higher than anticipated, because it recovers from the affect of the coronavirus pandemic, the reinsurer stated on Friday.

Internet revenue was $333 million in the course of the interval, in contrast with a $225 million loss a yr earlier. Analysts had anticipated a small loss, in line with a consensus forecast.

Swiss Re and its opponents have confronted massive claims from the pandemic, equivalent to these for cancelled occasions. Swiss Re final yr posted its first loss because the monetary disaster in 2008.

However the firm expects to return to revenue this yr, executives have stated.

“We’ve got seen a strong begin to 2021 and anticipate all our companies to proceed delivering a powerful underlying efficiency with diminishing COVID-19 losses,” Chief Government Christian Mumenthaler stated in an announcement.

Swiss Re stated that nominal costs of its April contract renewals had been up 4%, offsetting low rates of interest.

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